Kolkata-based Ambuja Realty plans to invest over Rs 300 crore to set up three business parks in the city. While two such parks will come up in the city's IT hub-Salt Lake Sector V-Ambuja has plans to set up the third one in Rajarhat in the eastern fringes of Kolkata.

Plans are also afoot to set up office space in Siliguri, Patna and Raipur. Ambuja Realty chairman Harshavardhan Neotia on Thursday said the company plans to start construction of new projects in couple of months. "We are in the process of receiving the necessary approvals. All the projects will be ready for possession within three years," he added.

While Ambuja plans to invest Rs 200 crore for a 5-lakh sq ft business park in Salt Lake, the second project will be set up over 1.5 lakh sq ft and will entail an investment of around Rs 60 crore. On the other hand, the Rajarhat project (1.2 lakh sq ft) is coming close to the group's existing shopping mall, City Centre II, and will bear an investment of around Rs 35 crore.

"While we will definitely target the IT sector for leasing out and sell out of space, but the parks will be designed in a way which will have appeal for all the sectors. At the same time, we plan to set up office space in three of our upcoming mixed development projects in Siliguri, Patna and Raipur," said Mr Neotia.

Ambuja Realty on Thursday announced the launch of the second phase of the group's first business park, Ecospace, in Rajarhat. The second phase comprising of two blocks will have a saleable area of 4.5 lakh sq ft. The entire project is spread over 10 lakh sq ft. Already 85% of the area in the first phase is leased or sold out to the likes of Bajaj Allianz, HDFC Bank, Voith, Thyssenkrupp, Indus Towers and Bayer Corp. "Of the total project cost of Rs 300 crore, we have already invested Rs 200 crore in Ecospace. The project will be completely ready by April 2010."